Introduction to Enterprise and Entrepreneurship Report

This report provides insights on Enterprise and Entrepreneurship, including motivational and behavioural characteristics, influence and barriers faced by entrepreneurs, methods and models to evaluate business ideas, local business support agencies, advantages and disadvantages of 'life-world' of entrepreneur and more. It also includes a table of contents and references.

INTRODUCTION TO
ENTERPRISE AND
ENTERPRENEURSHIP
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Identification of the motivational and behavioural characteristics which are reflected in
'norms' of 'typical' entrepreneurial behaviour sets..................................................................3
Identification of influence and barriers which an entrepreneur faces while considering a start-
up business idea......................................................................................................................4
Identification of methods and models which an entrepreneur may reflect to evaluate their
business idea before entering the market to gain competitive advantage..............................5
TASK 2............................................................................................................................................6
Analyse and argue local business support agencies for entrepreneurs...................................6
TASK 3............................................................................................................................................8
Define the advantages and disadvantages of 'life-world' of entrepreneur .............................8
TASK 4..........................................................................................................................................10
Identify the problems of enterprise practice and implement solutions for developing
intrapreneurship skills .........................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Enterprise is a company which manages the activity of managing companies and
business while starting a new business venture. Entrepreneurship is an act and ability of a
person to start a new business venture through which they can create a value and maximize
the profitability of the business. In other words, it is the willingness of a person to start a new
business venture through which they can earn maximum profits and gain competitive
advantages (Acs, Szerb and Lloyd, 2017). Innovation is the generation of new idea or bringing
something new through which the value of the products and services can be enhanced. This
report will define the concepts of enterprise, entrepreneurship and innovation. The report will
also involve local, regional and national sources of business start-up support agencies for an
entrepreneur. The study defines the advantages and disadvantages of the life-world of
entrepreneur and determination of enterprise practice and implementation solutions for
developing intrapreneurship skills.
TASK 1
Identification of the motivational and behavioural characteristics which are reflected in
'norms' of 'typical' entrepreneurial behaviour sets
Behavioural characteristics are different motives, traits, skills and knowledge and this
can be seen in an entrepreneur in which how they can perform the business activities through
which they can gain competitive advantages and maximize the profitability of the business
venture. The behavioural characteristics of an entrepreneur can be defined and reflected in the
approach which is followed by an entrepreneur. The behavioural characteristics of an
entrepreneur can be reflected in their behaviour sets and approaches which are followed by
them in any situation and circumstances which are faced by them while running a new
business venture.
Some of the behavioural characteristics of an entrepreneur which can be reflected in
the entrepreneurial behaviour involves- self-confidence, ability to take risk, long-term
involvement, internal locus of control, low fear of failure, adaptability, feasibility, ability to
analyse and understand the market, innovative and critical thinking (Apostolopoulos and et.al.,
2018). The behavioural characteristics and attribute of an entrepreneur define the ability and
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actions which has been taken by an entrepreneur though which they can bring change and
innovation to the market.
The motivational factors which drives the enthusiasm of an entrepreneur involves
various characteristics through which they can perform the business functions. Some of these
motivational factors which drive the motivation of an entrepreneur are related to making a
difference and bringing something new and innovative to the market (Blackburn, 2016). Other
factors such as personal growth, supporting others for achievement of goals and maximizing
the job satisfaction through which all activities of business can be effectively performed.
Identification of influence and barriers which an entrepreneur faces while considering a start-
up business idea
Barriers are obstacles which affect the smooth functioning and continuity while
performing the managerial activities. There are several barriers faced by an entrepreneur
which influence the function and operations while establishing a new start-up business
venture, some of these barriers are discussed below:
 Lack of financial resources- Due to lack of financial resources and funding, it creates
a barrier for an entrepreneur to effectively perform all managerial activities and this
also creates an obstacle for an entrepreneur to continuously perform the business
activities.
 Lack of planning and poor management- Poor planning and management can hinder
the ability of an entrepreneur to establish a successful entrepreneurial start-up venture
(Blundel, Lockett and Wang, 2017). The inability to manage all business activities
leads to poor management skills of an entrepreneur which creates a barrier for them
while establishing a new start-up venture.
 Poor time management- The inability to plan all activities in timely manner creates
an obstacle for an entrepreneur for performing the activities of business and this
further leads to ineffective and poor organisational performance.
 Lack of market analysis and understanding- The dynamic business environment
and poor skills for understanding and analysing the market also creates a barrier for an
entrepreneur to establish a successful start-up business venture.
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 Poor leadership- The lack of leadership skill is one the biggest barrier which can be
faced by an entrepreneur while establish a new business venture. Such personal
inabilities creates a barrier for establishing a new start-up business venture.
Identification of methods and models which an entrepreneur may reflect to evaluate their
business idea before entering the market to gain competitive advantage
The models or methods which are used by an entrepreneur which may reflect to
evaluate their business idea is business canvas model, this model used by an entrepreneur has
9 segments which are analysed and such factors are discussed underneath:
 Customer segment- With the help of business model, it helps in identifying the
payers, end users of the products, influencers which can affect the sales of the
products, subsidized users who can gain benefit from the products and service which
will be offered by the new business venture and also identify the decision makers who
will be helpful for growth and expansion of the business (Burnett and Danson, 2017).
 Value proposition- This factor in the business canvas model defines the value
business can provide to their customers and factors which are identified under this
factor involves- identification of problem solvers, gain creators and pain revilers who
will help in managing competitiveness of the business.
 Revenue streams- This factor of business model identifies sources of revenue
generation which are service revenue, transactional revenue, project revenue and
recurring revenue.
 Channels- These refers to the methods and mediums which will be used by the
entrepreneur to establish a new business venture. Some of the types of channels which
can be used by an entrepreneur involves wholesalers, retailers, distributors and for
targeting more customers the online platforms are also helpful in the diverse market.
 Customer relationships- The relationship with customers affects the profitability and
success of business and through establishing a strong customer relationship, it will
help the entrepreneur in generating higher revenues (Burrows, 2015). The success of
the business and customer engagement can be done through identifying and
understanding customer demands and meeting such demands.
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 Key activities- This factor define the manufacturing, delivering, networking and other
activities which will be carried out by the entrepreneur to successful run a new start-up
business venture.
 Key resources- The resources such as- physical, financial, human and intellectual
resources are considered as assets of the company which are identified under this
factor of business canvas model (Dalevska, Kravchenko and Kwilinski, 2019).
 Key partners- This determinant defines the network of suppliers, business partners
and other stakeholder who will regularly engage in managerial activities of new star-
up venture successfully.
 Cost structure- This determinant helps in analysing the cost incurred, cost driven and
value driven to successfully manage the cost of the business venture.
TASK 2
Analyse and argue local business support agencies for entrepreneurs
The sources of business start-up support offers support to business venture at local,
regional and national level through which they can ensure effective functioning and successful
growth of the business. Some of these sources which support are explained below:
 Solent Futures- Solent Futures is Solent University which offers career growth
opportunities, employment opportunities and enterprise services though which a
entrepreneur can start their new business venture with the help of this source. They
help students and graduates to get more innovative ideas for starting a new business
venture though which they can bring innovative start-up in the industry (Davey,
Hannon and Penaluna, 2016). Solent University offers many opportunities which
involves internship, campus placements, graduate roles, internships and indeed job
through which they an contribute in enhancing the career growth of students and
graduates and enhance their entrepreneurial skills. This source supports graduates and
students to establish their entrepreneurial venture through which meet the objectives.
 Enterprise programme- These sources of support encourages innovation and
creativity that can be helpful in creating and expansion of business venture. There are
several enterprise program which helps entrepreneurs to effectively establish and
operate their entrepreneurial venture through which they can sustainable operate their
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venture in the industry an meet organisational objectives. These programs helps in
establishes strong enterprise plan through which a strong foundation for a business can
be created and further it aids in planning and testing the business idea which will help
in identifying omissions for which corrective measures can be taken before the launch
of business.
 Start Your Own Business (SYOB) Southampton- This organisation offers services
to establish a new business venture through which an entrepreneur can get support in
starting their business venture in Southampton (Drobyazko and et.al, 2019). The
company offers services related to free start-up resources and supports in building
local contacts that can be helpful for a business venture to generate higher revenues
and expand their brand awareness locally. The company gathers and offers various
services, such as resources, market and other important information, offers business
advices which will help the new venture to ensure strong roots for their venture in the
marketplace. The numerous services which are offered by the organisation involves
web designing, mentoring, business advice, funding opportunities, accountancy
services, strong networking and grants through which they can start a strong
entrepreneurial venture that can help them in gaining competitive advantage. Through
offering such services, the organisation emphasis on ensuring they can support the
entrepreneur to establish a profitable venture in the marketplace and use innovative
approaches to maximise the profitability of the business.
 Enterprise Connections- This helps to create connection in industry leading global
technology and focuses on driving technology initiatives with large corporation. The
company connects with their clients and offers them technology services through
which they can solve challenges and transform their businesses. Such mediums helps
an entrepreneur to to resolve IT related issues through which they can face such
challenges and manage the work of the business venture (Fortunato and Alter, 2015).
By offering such terotechnological solutions, the company focuses on meet the
requirements of the enterprise that can help them in facing challenges and finding
solutions for IT related concerns and practices.
 Federation of Small Business (FSB)- The Federation of Small Business is a UK
based organisation which represents the small and medium sized business. The
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company was established in the year 1974 as the National Federation of Self Employed
(NFSE). The legal status of this organisation is not for profit company and the
organisation offers support and represents the small and medium scale business
venture through which they can meet their organisational objectives and gain
competitive advantage from their operations. The organisation focuses on supporting
new entrepreneurial ides which will help them the entrepreneurs to perform effectively
and create a strong entrepreneurial venture that can meet customer demands with the
help of the support of FSB.
 Enterprise First (Virgin)- Virgin Group Ltd. Is a private company which is a British
multinational venture capital conglomerate which offers worldwide services. The
company works a s non-profit organisation that supports entrepreneurs to establish
their business venture in UK and offers them funding and other necessary resources
(Henry and Dana, 2019). The organisation offers various services to entrepreneurs for
establishing their own business venture, some of these services involves meeting
capital requirements, offering strong mentorship and entrepreneurial business advice
through which an entrepreneur understand the dynamics and diversity of the business
before starting a new venture.
TASK 3
Define the advantages and disadvantages of 'life-world' of entrepreneur
Entrepreneurship is the ability and skill of a person to take risk and start a new
business venture based on their innovative idea through which they can target market and gain
competitive advantage. The advantages and disadvantages of 'life-world' of entrepreneur, are
discussed below:
ADVANTAGES
 Control- Entrepreneurship offers control over managerial activities as they act as a
Boss where they can perform and run the business venture accordingly and meet
organisational objectives (Hilorme and et.al, 2019).
 Freedom- While working as an entrepreneur, this brings freedom where they can
perform and run their business venture as per their norms and rules. An entrepreneur is
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the boss of the organisation which emphasis that they can work as per their rules and
work accordingly.
 Profit- The another benefit is profit which is earned by an entrepreneur which ensure
progressive growth and success of the business venture that has been operated by the
entrepreneur.
 Flexibility- As an entrepreneur it bring responsibility and enhances flexibility for
performing the activities which needs to be performed by the organisation (Huggins,
Morgan and Williams, 2015). As being an entrepreneur, it bring the ability to work on
own terms which enhance the flexibility and it creates easy adaptability through which
change can be brought in the business that can be helpful for gaining competitive
advantages for business.
DISADVANTAGES
 Responsibility- The responsibility of the running a new business venture is hard and
it affects the success and profitability of the business (Maas and Jones, 2017). The
responsibility of all managerial activities which needs to be carried out creates a
burden on an entrepreneur to effectively manage and plan out all business activities.
 High risk and uncertainty- Entrepreneurship comes with many challenges and such
challenges can posses uncertainties and risk which can hinder the success and
profitability of business.
 High work pressure and workload- The daily activities of an entrepreneur involves
huge number of activities and work which need to be carried out by the entrepreneur
and such workload affects the performance of the entrepreneur.
 Limitations- An entrepreneur focuses on running business smoothly and while
bringing functioning to the reality can be hard which can lead to entrepreneur facing
many limitations while performing managerial activities and earning profits for the
organisation.
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TASK 4
Identify the problems of enterprise practice and implement solutions for developing
intrapreneurship skills
There are several issues which are faced while implementing enterprise practice and
some of the challenges and problems which are faced are outlined below:
 High competition- The high competition in the market and dynamic working scenario
creates issues and problems for an entrepreneur to ensure smooth enterprise practice
(Romero and Valdez, 2016). The changing business environment and growth in
entrepreneurial activities lead to incline in competition of the business and such
competitive working scenario can affect the functioning and profitability of the
business.
 Unrealistic expectations- A start-up can face issues and challenges by having
unrealistic expectations while running a new business venture and this can affect the
profitability and success of the venture. Such unrealistic expectation also affects the
sustainability, business growth and management of the venture.
 Financial management- It is one of the biggest challenge and issue which is faced by
entrepreneurs while starting a new business venture as management of financial
resources and lack of investors can affect the continuity in the operations of the
business venture. Incline in financial crises can affect the operations and functions of
the business venture.
 Cyber security- Due to incline in cyber crime over the years has create huge cyber
threats which can influence the functioning and profitability of the business venture.
Such unwanted and unauthorized cyber threats can create an issue for an entrepreneur
to effectively perform entrepreneurial activities.
 Customer engagement and satisfaction- The customer engagement and satisfaction
from the products and services can be a barrier for the entrepreneur to maintain the
position of the venture in the industry as the success and profitability of the business
venture relies on the customers (Scott, Penaluna and Thompson, 2016). Due to lack of
customer centric approach followed by any business venture, this can hinder the
success and brand name of the venture in the industry.
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 Delegating tasks and activities- The inability to delegate task and activities
effectively to the team and employees working in the organisation, this can create a
barrier for the company to effectively perform managerial activities and also leads to
delay in meeting organisational objectives (Sheshinski, Strom and Baumol, 2021). The
inability to outsource roles and responsibilities effectively and lack of leadership skills
can create a problem for an entrepreneur to establish and successfully run the business
venture effectively.
 Time management- The lack of time management skills is on the biggest issue which
is faced by an entrepreneur while establishing and running a new business venture.
Such lack of skills can influence the success, growth and profitability of the
organisation. Poor time management creates a barrier for an entrepreneur to meet
deadlines and accomplish objectives which leads to problem for employees that can
negatively influence the success and business growth.
 Recruitment of right employee- The recruitment of right employee is essential and
inability of an entrepreneur to recruit right employee for specific job roles and
responsibilities leads to issues faced by an enterprise in maintaining the performance
standards of the employees and it also negatively influence the goodwill and position
of the start-up entrepreneurial venture in the industry.
Recommendations
Some of the recommendations for enhancing business sustainability and
entrepreneurial culture are listed below:
 Connect with the need- By understanding and connecting with the need and issue
which has been faced by the enterprise will be an helpful approach for ensuring
sustainability and culture of the business venture.
 Make sustainability a core principle- By adopting sustainable practices, it can ensure
effective organisational culture and sustainability of the management.
 Incorporate diverse leadership- By focusing on global objectives, it will help
organisation in ensuring creating sustainability and positive working environment in
the organisation (Winkler and et.al, 2015). The entrepreneurial venture can focus on
emphasizing on greater equality, fair wages and investing in diversity.
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 Ensure accountability- By taking accountability and responsibility of the work and
activities which are performed by an organization can help the entrepreneurial venture
to decrease the footprints of the business venture, remove complacency and ensures
credibility with customers.
 Focus on flexibility and continuous improvements- The entrepreneurial venture
must focus on maintaining flexibility and having adaptable approach through which
they can incorporate change in the organisation. By ensuring flexibility in the
organisation this will be an helpful approach for making continuous improvements in
the organisation that can make business venture more sustainable.
CONCLUSION
From the above report, it can be summarized that entrepreneurship is the skill
competencies of an individual to successfully run and operate a business venture in the
dynamic business environment. An idea of an entrepreneur and their innovation can bring
value to the business and drive business growth. There are several benefits which can be faced
by an entrepreneur as this brings freedom, more control, higher power and authority to an
entrepreneur through which they can meet objectives of the enterprise.
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REFERENCES
Books and journals
Acs, Z. J., Szerb, L. and Lloyd, A., 2017. Entrepreneurship and the Future of Global Prosperity.
In Global Entrepreneurship and Development Index 2017 (pp. 11-27). Springer, Cham.
Apostolopoulos, N and et.al., 2018. Entrepreneurship and the sustainable development goals.
Emerald Publishing Limited.
Blackburn, R. A., 2016. Government, SMEs and entrepreneurship development: Policy, practice
and challenges. Routledge.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Burnett, K. A. and Danson, M., 2017. Enterprise and entrepreneurship on islands and remote
rural environments. The International Journal of Entrepreneurship and Innovation. 18(1).
pp.25-35.
Burrows, R., 2015. Introduction: entrepreneurship, petty capitalism and the restructuring of
Britain. In Deciphering the Enterprise Culture (Routledge Revivals) (pp. 21-36).
Routledge.
Dalevska, N., Kravchenko, S. and Kwilinski, A., 2019. Formation of the entrepreneurship
model of e-business in the context of the introduction of information and
communication technologies.
Davey, T., Hannon, P. and Penaluna, A., 2016. Entrepreneurship education and the role of
universities in entrepreneurship: Introduction to the special issue.
Drobyazko, Sand et.al., 2019. Innovative entrepreneurship models in the management system of
enterprise competitiveness. Journal of Entrepreneurship Education. 22(4). pp.1-6.
Fortunato, M. W. and Alter, T., 2015. Community entrepreneurship development: an
introduction. Community Development. 46(5). pp.444-455.
Henry, E. and Dana, L. P., 2019. Māori indigenous research: Impacting social enterprise and
entrepreneurship. In A research agenda for social entrepreneurship. Edward Elgar
Publishing.
Hilorme, T and et.al., 2019. Model of energy saving forecasting in entrepreneurship. Journal of
Entrepreneurship Education. 22. pp.1-8.
Huggins, R., Morgan, B. and Williams, N., 2015. Regional entrepreneurship and the evolution of
public policy and governance: Evidence from three regions. Journal of Small Business and
Enterprise Development.
Maas, G. and Jones, P., 2017. The role of entrepreneurship centres. In Entrepreneurship
Centres (pp. 11-16). Palgrave Macmillan, Cham.
Romero, M. and Valdez, Z., 2016. Introduction to the special issue: Intersectionality and
entrepreneurship. Ethnic and Racial Studies. 39(9). pp.1553-1565.
Scott, J. M., Penaluna, A. and Thompson, J. L., 2016. A critical perspective on learning
outcomes and the effectiveness of experiential approaches in entrepreneurship education:
do we innovate or implement?. Education+ Training.
Sheshinski, E., Strom, R. J. and Baumol, W. J. eds., 2021. Entrepreneurship, innovation, and the
growth mechanism of the free-enterprise economies. Princeton University Press.
Winkler, C and et.al., 2015. Infusing business and entrepreneurship education into a computer
science curriculum-A case study of the STEM virtual enterprise. Journal of Business and
Entrepreneurship. 27(1). p.1.
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